HITE Hedge Asset Management LLC Purchases New Position in RB Global, Inc. $RBA

HITE Hedge Asset Management LLC purchased a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 8,838 shares of the business services provider’s stock, valued at approximately $909,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RBA. AQR Capital Management LLC increased its position in shares of RB Global by 94.3% during the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock valued at $1,031,000 after buying an additional 5,090 shares during the period. NewEdge Advisors LLC increased its position in shares of RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock valued at $59,000 after buying an additional 204 shares during the period. Jones Financial Companies Lllp increased its position in shares of RB Global by 857.9% during the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider’s stock valued at $375,000 after buying an additional 3,346 shares during the period. Goldman Sachs Group Inc. increased its position in shares of RB Global by 35.6% during the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider’s stock valued at $33,940,000 after buying an additional 88,813 shares during the period. Finally, Woodline Partners LP purchased a new position in shares of RB Global during the first quarter valued at about $4,103,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

RBA has been the topic of several research analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a research report on Tuesday, May 26th. BMO Capital Markets reiterated an “outperform” rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Stephens reiterated an “equal weight” rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Barclays initiated coverage on shares of RB Global in a research report on Thursday, May 28th. They set an “overweight” rating and a $124.00 price target on the stock. Finally, Royal Bank Of Canada boosted their price target on shares of RB Global from $146.00 to $150.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.13.

Insiders Place Their Bets

In other RB Global news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were acquired at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the acquisition, the director owned 1,825 shares in the company, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.57% of the company’s stock.

RB Global Price Performance

Shares of RBA opened at $107.74 on Friday. The stock has a market cap of $20.03 billion, a PE ratio of 50.11, a price-to-earnings-growth ratio of 1.69 and a beta of 0.57. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The firm’s 50-day simple moving average is $103.79 and its two-hundred day simple moving average is $104.33.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.89 earnings per share. Analysts anticipate that RB Global, Inc. will post 4.09 earnings per share for the current fiscal year.

RB Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, May 27th. RB Global’s dividend payout ratio is 57.67%.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.